Like many of the streets in this area, Waverly Place acts a bit like an entrance way to Greenwich Village and Washington Square Park. Feeding off the rather grimy and crowded 6th Avenue, this short block is filled with a myriad of historic buildings and gnarly trees.
Beyond this one block, Waverly Place is notable for a few reasons. First, anyone with kids may know it as the setting for the Disney Channel's Wizards of Waverly Place show. While I can't say where exactly on the street the family is supposed to live, it wouldn't surprise me if it were near the park. The second notable item is what happens a block west: Near Christopher Street, the street splits into a "Y" shape, and reverses its traffic direction. This creates a bizarre corner in which the two cross streets are Waverly Pl and Waverly Pl. You can see the anomaly on Google Street View.